What is the recapture of contributions to Oklahoma 529 College Savings Plans and OklahomaDream 529 Accounts?
If an individual elects to take a rollover on a contribution within one year of the date of the contribution, for which a deduction was taken on the previous year's return, the amount of such rollover is included in income. As used in this paragraph, "rollover" means the transfer of funds from the Oklahoma 529 College Savings Plan or OklahomaDream 529 accounts to any other plan under Section 529 of the Internal Revenue Code.
Also, for someone who makes a nonqualified withdrawal of contributions for which a deduction was taken in tax year 2005 or later, that withdrawal and any earnings thereon are included in income. If any of the earnings have already been included in your federal adjusted gross income, do not include them again here.